Alexandre & Baldwin, Inc. (Alex): Business Model Canvas [Jan-2025 Mise à jour]

Niché au cœur d'Hawaï, Alexandre & Baldwin, Inc. (Alex) représente une centrale dynamique de gestion intégrée des terres, transformant 88 000 acres dans un écosystème commercial multiforme qui mélange de manière transparente l'immobilier commercial, l'innovation agricole et le développement durable. Cette entreprise remarquable a conçu un modèle commercial unique qui génère non seulement des sources de revenus diverses mais préserve également le patrimoine culturel et écologique du paysage hawaïen, offrant aux investisseurs et aux parties prenantes une approche extraordinaire du développement immobilier et de l'utilisation des terres qui transcende les stratégies commerciales traditionnelles.

Alexandre & Baldwin, Inc. (Alex) - Modèle commercial: partenariats clés

Location agricole des terres avec des agriculteurs locaux à Hawaï

Depuis 2024, Alexander & Baldwin gère environ 87 000 acres de terres agricoles à Hawaï. Les partenariats de location de terres agricoles de la société comprennent:

Type de partenaire	Acres loués	Revenus de location annuelle
Les locataires agricoles diversifiés	52 000 acres	18,3 millions de dollars
Producteurs de maïs de semences	22 000 acres	12,7 millions de dollars
Projets d'énergie renouvelable	13 000 acres	5,9 millions de dollars

Collaborations de développement immobilier

Les principales partenariats de développement immobilier comprennent:

• Howard Hughes Corporation pour les développements communautaires planifiés
• Groupes d'investissement hawaïens locaux pour les projets commerciaux et résidentiels
• Écoles de Kamehameha pour les initiatives conjointes de développement des terres

Partenariat	Valeur totale du projet	Acres de développement
Howard Hughes Corporation	340 millions de dollars	1 250 acres
Groupes d'investissement locaux	215 millions de dollars	750 acres

Partenariats stratégiques de gestion des propriétés commerciales

Les partenariats stratégiques avec les sociétés de gestion des propriétés commerciales comprennent:

• Groupe CBRE pour la gestion des propriétés commerciales
• Jones Lang Lasalle pour la location et la représentation des locataires
• Colliers International pour l'analyse du marché et les services de conseil

Partenaire	Propriétés gérées	Total en pieds carrés
Groupe CBRE	22 propriétés commerciales	1,2 million de pieds carrés
Jones Lang Lasalle	15 propriétés commerciales	850 000 pieds carrés

Énergies renouvelables et coentreprises d'utilisation des terres durables

Les partenariats d'énergie renouvelable et d'utilisation des terres durables comprennent:

• Première énergie éolienne pour les projets solaires et éoliens
• Énergie de modèle pour le développement des infrastructures renouvelables
• Industries électriques hawaïennes pour l'intégration du réseau

Coentreprise	Capacité d'énergie renouvelable	Montant d'investissement
Première énergie éolienne	Projet solaire de 75 MW	125 millions de dollars
Énergie	Projet d'éolien de 50 MW	95 millions de dollars

Alexandre & Baldwin, Inc. (Alex) - Modèle d'entreprise: activités clés

Développement et gestion de l'immobilier commercial

Portfolio immobilier commercial total: 374 000 pieds carrés au quatrième trimestre 2023

Type de propriété	En pieds carrés	Taux d'occupation
Espaces de bureau	187 000 pieds carrés	92.3%
Espaces de vente au détail	112 000 pieds carrés	88.5%
Propriétés industrielles	75 000 pieds carrés	95.1%

Gestion et location des terres agricoles

Total des propriétés terrestres agricoles: 87 000 acres à Hawaï

• Portfolio agricole diversifié, notamment:
  • Production de maïs de graines
  • Culture d'énergie renouvelable
  • Initiatives agricoles durables

Investissement immobilier et optimisation du portefeuille

Valeur d'investissement immobilier total: 1,2 milliard de dollars en 2023

Catégorie d'investissement	Valeur d'investissement	Retour annuel
Propriétés commerciales	675 millions de dollars	6.5%
Développements résidentiels	375 millions de dollars	5.8%
Banque terrestre	150 millions de dollars	4.2%

Infrastructure et développement des terres sur les marchés hawaïens

Projets totaux de développement des terres: 12 projets actifs en 2023

• Emplacements du projet:
  • Maui: 5 projets
  • Oahu: 4 projets
  • Île d'Hawaï: 3 projets

Initiatives d'utilisation et de conservation des terres durables

Investissement annuel sur la conservation: 18,5 millions de dollars en 2023

Zone de conservation	Acres conservés	Allocation des investissements
Protection de l'habitat indigène	22 000 acres	8,2 millions de dollars
Gestion des bassins versants	15 000 acres	6,3 millions de dollars
Terre d'énergie renouvelable	10 000 acres	4 millions de dollars

Alexandre & Baldwin, Inc. (Alex) - Modèle d'entreprise: Ressources clés

Propriété terrestre

Portfolio total des terres: 88 000 acres à Hawaï

Catégorie de terrain	Acres	Pourcentage
Terre agricole	62,000	70.5%
Immobilier commercial	26,000	29.5%

Ressources financières

Métriques financières (2023):

• Revenu total: 460,3 millions de dollars
• Revenu net: 85,2 millions de dollars
• Actif total: 1,2 milliard de dollars
• Présentation des actionnaires: 752 millions de dollars

Portefeuille de propriétés

Type de propriété	Nombre de propriétés	Total en pieds carrés
Immobilier commercial	37	1,2 million de pieds carrés
Propriétés industrielles	12	350 000 pieds carrés

Ressources humaines

• Total des employés: 604
• Tenure moyenne des employés: 9,3 ans
• Expérience en équipe de gestion: moyenne de 18 ans dans les secteurs immobiliers et agricoles

Actifs intellectuels

• Marques enregistrées: 14
• Licences opérationnelles: 22
• Partenariats stratégiques: 8

Alexandre & Baldwin, Inc. (Alex) - Modèle d'entreprise: propositions de valeur

Gestion intégrée des terres sur plusieurs secteurs

Au quatrième trimestre 2023, Alexander & Baldwin gère environ 88 000 acres de terres à Hawaï dans divers secteurs.

Secteur terrestre	Superficie	Contribution des revenus
Terre agricole	46 000 acres	42,3 millions de dollars (2023)
Immobilier commercial	22 000 acres	87,6 millions de dollars (2023)
Terres de conservation	20 000 acres	12,1 millions de dollars (2023)

Développement durable des biens immobiliers hawaïens et des actifs agricoles

En 2023, Alex a investi 63,4 millions de dollars dans des projets de développement durable.

• Investissements d'infrastructure d'énergie renouvelable: 18,2 millions de dollars
• Technologie agricole durable: 15,7 millions de dollars
• Développement immobilier respectueux de l'environnement: 29,5 millions de dollars

Création de valeur à long terme grâce à des investissements immobiliers stratégiques

Valeur du portefeuille d'investissement immobilier total: 1,2 milliard de dollars (2023)

Catégorie d'investissement	Valeur	Retour annuel
Propriétés commerciales	675 millions de dollars	6.3%
Développements résidentiels	325 millions de dollars	5.9%
Investissements terrestres agricoles	200 millions de dollars	4.7%

Préservation des ressources foncières hawaïennes et du patrimoine culturel

Conservation Investments en 2023: 22,6 millions de dollars

• Restauration des écosystèmes indigènes: 8,3 millions de dollars
• Programmes de préservation culturelle: 5,9 millions de dollars
• Partenariats de recherche environnementale: 8,4 millions de dollars

Diversifiez les sources de revenus des opérations immobilières et agricoles

Revenu total pour l'exercice 2023: 273,4 millions de dollars

Flux de revenus	Montant	Pourcentage du total des revenus
Location immobilière commerciale	124,6 millions de dollars	45.6%
Opérations agricoles	86,2 millions de dollars	31.5%
Développement résidentiel	62,6 millions de dollars	22.9%

Alexandre & Baldwin, Inc. (Alex) - Modèle d'entreprise: relations clients

Accords de location à long terme

Depuis 2023, Alexander & Baldwin maintient 375 000 pieds carrés d'immobilier commercial loué à divers locataires. La durée du bail moyenne est de 7,2 ans avec un taux d'occupation de 92,4% dans leur portefeuille commercial.

Type de location	Total des pieds carrés	Taux d'occupation
Propriétés commerciales	375 000 pieds carrés	92.4%
Terres agricoles	23 500 acres	88.6%

Services de gestion immobilière personnalisés

Métriques du service client pour la gestion immobilière:

• Temps de réponse aux demandes de locataire: 2,3 heures
• Évaluation annuelle de satisfaction des locataires: 87,5%
• Taux de résolution de la demande de maintenance: 96,2%

Engagement communautaire dans le développement des terres

Alexandre & Baldwin a investi 42,3 millions de dollars dans des projets de développement communautaire en 2023, avec 6 grandes initiatives d'engagement communautaire à Hawaï.

Communication des parties prenantes

Canal de communication	Fréquence	Taux d'engagement
Appels d'investisseurs trimestriels	4 fois / an	78%
Réunion des actionnaires annuelle	1 heure / an	65%

Engagement d'utilisation des terres durable

Investissements de la durabilité environnementale: 18,7 millions de dollars en 2023, couvrant les efforts d'énergie renouvelable et de conservation dans leur portefeuille foncier.

Alexandre & Baldwin, Inc. (Alex) - Modèle d'entreprise: canaux

Équipe de location immobilière directe et de vente

Alexandre & Baldwin maintient une équipe de vente immobilière dédiée avec 42 représentants professionnels et immobiliers commerciaux et agricoles au quatrième trimestre 2023.

Catégorie d'équipe de vente	Nombre de représentants	Focus géographique
Immobilier commercial	28	Marché primaire d'Hawaï
Ventes de terres agricoles	14	Îles Hawaï

Plateformes de gestion immobilière numérique

La société utilise des plateformes numériques propriétaires pour la gestion et la location immobilières avec 3,2 millions de dollars investis dans des infrastructures technologiques en 2023.

• Système de gestion des baux en ligne
• Portail de communication des locataires numériques
• Suivi des performances de la propriété en temps réel

Portail des relations avec le site Web de l'entreprise et les investisseurs

Le site Web de l'entreprise reçoit environ 87 000 visiteurs mensuels uniques avec une durée de session moyenne de 4,3 minutes en 2023.

Réseaux de courtage immobilier commercial

Alexandre & Baldwin collabore avec 12 réseaux de courtage immobiliers commerciaux externes à Hawaï et à la région du Pacifique.

Type de réseau	Nombre de partenariats	Zone de couverture
Réseaux hawaïens locaux	7	Îles Hawaï
Réseaux régionaux du Pacifique	5	Côte ouest et RIM du Pacifique

Canaux de fiançailles du marché hawaïen local

La société maintient une forte présence locale sur le marché par le biais de plusieurs canaux d'engagement avec 1,7 million de dollars alloués au développement des relations communautaires et du marché en 2023.

• Adhésions à l'association des entreprises locales
• Commandites du développement communautaire
• Ateliers régionaux de développement économique

Alexandre & Baldwin, Inc. (Alex) - Modèle d'entreprise: segments de clientèle

Locataires et agriculteurs agricoles

Depuis 2024, Alexander & Baldwin gère environ 20 000 acres de terres agricoles à Hawaï. Répartition du portefeuille de location agricole:

Type de culture	Acres loués	Revenus de location annuelle
Agriculture diversifiée	12 500 acres	18,4 millions de dollars
Cultures de semences	5 200 acres	7,9 millions de dollars
Plantations à café	2 300 acres	4,2 millions de dollars

Investisseurs immobiliers commerciaux

Métriques commerciales de portefeuille immobilier:

• Propriétés commerciales totales: 42
• Total commercial en pieds carrés: 1,2 million de pieds carrés
• Taux d'occupation: 93,5%
• Revenus immobiliers commerciaux annuels: 62,3 millions de dollars

Développeurs d'énergies renouvelables

Statistiques de location des terres à énergies renouvelables:

Type d'énergie	Capacité installée	Revenu de location annuel
Solaire	85 MW	5,6 millions de dollars
Vent	45 MW	3,2 millions de dollars

Entreprises hawaïennes locales

Distribution locale des locataires commerciaux:

• Total des locataires commerciaux locaux: 127
• Durée du bail moyenne: 5,3 ans
• Revenus annuels des baux commerciaux locaux: 22,1 millions de dollars

Sociétés d'investissement immobilier régionales et nationales

Métriques du portefeuille d'investissement immobilier:

Catégorie d'investissement	Propriétés totales	Valeur d'investissement totale
Propriétés du continent	18 propriétés	340 millions de dollars
Propriétés hawaïennes	36 propriétés	780 millions de dollars

Alexandre & Baldwin, Inc. (Alex) - Modèle d'entreprise: Structure des coûts

Dépenses de maintenance des terres et de développement

En 2023, Alexander & Baldwin a déclaré que les frais de maintenance et de développement des terres totalisant 43,7 millions de dollars. La répartition de ces dépenses comprend:

Catégorie	Coût ($)
Entretien des terres agricoles	18,200,000
Développement de propriétés commerciales	15,500,000
Préparation des terres et améliorations	10,000,000

Coûts opérationnels de gestion immobilière

Les coûts opérationnels de la gestion immobilière pour 2023 étaient de 37,2 millions de dollars, avec la distribution suivante:

• Gestion des propriétés résidentielles: 12,5 millions de dollars
• Entretien des propriétés commerciales: 14,7 millions de dollars
• Services de location et de locataires: 10 millions de dollars

Investissement et améliorations des infrastructures

Les investissements en infrastructure en 2023 s'élevaient à 52,6 millions de dollars, alloués comme suit:

Catégorie d'infrastructure	Investissement ($)
Infrastructure de transport	22,000,000
Mises à niveau des services	15,600,000
Infrastructure numérique	15,000,000

Initiatives de conservation et de durabilité de l'environnement

Les coûts de durabilité pour 2023 ont totalisé 8,3 millions de dollars:

• Projets d'énergie renouvelable: 3,5 millions de dollars
• Protection des terres de conservation: 2,8 millions de dollars
• Restauration de l'écosystème: 2 millions de dollars

Frais de frais généraux administratifs et d'entreprises

Les frais généraux des entreprises pour 2023 étaient de 29,4 millions de dollars, ventilés comme:

Catégorie aérienne	Coût ($)
Rémunération des dirigeants	12,000,000
Salaires du personnel administratif	10,400,000
Opérations d'entreprise	7,000,000

Structure totale des coûts pour 2023: 171,2 millions de dollars

Alexandre & Baldwin, Inc. (Alex) - Modèle d'entreprise: Strots de revenus

Revenu de location de biens immobiliers commerciaux

Depuis 2023, Alexander & Le portefeuille immobilier commercial de Baldwin généré 96,2 millions de dollars dans les revenus de location. La société possède environ 1,3 million de pieds carrés de l'immobilier commercial à Hawaï.

Type de propriété	Revenus de location	Taux d'occupation
Propriétés du bureau	42,7 millions de dollars	92.3%
Propriétés de vente au détail	35,5 millions de dollars	88.6%
Propriétés industrielles	18 millions de dollars	95.1%

Revenus de location de terres agricoles

Le location de terres agricoles générée 38,4 millions de dollars en revenus annuels pour 2023. La société gère approximativement 87 000 acres des terres agricoles à Hawaï.

• Terres de canne à sucre: 12,6 millions de dollars
• Agriculture diversifiée: 25,8 millions de dollars

Bénéfices de vente et de développement immobiliers

Le développement immobilier et les revenus des ventes ont totalisé 65,3 millions de dollars en 2023, avec 3 projets de développement majeurs terminé au cours de l'année.

Type de projet	Ventes totales	Nombre d'unités
Développement résidentiel	47,2 millions de dollars	128 unités
Ventes de terrains commerciaux	18,1 millions de dollars	6 colis

Accords de location de terres en énergies renouvelables

Les baux fonciers des énergies renouvelables ont contribué 22,7 millions de dollars dans les revenus annuels, avec 15 accords d'énergie solaire et éolienne actifs.

Returns du portefeuille d'investissement

Portefeuille d'investissement généré 14,6 millions de dollars dans les revenus de placement pour 2023, avec un portefeuille diversifié à travers divers instruments financiers.

Catégorie d'investissement	Rendements	Pourcentage de portefeuille
Investissements en actions	8,3 millions de dollars	56.8%
Titres à revenu fixe	4,2 millions de dollars	28.7%
Investissements alternatifs	2,1 millions de dollars	14.5%

Alexander & Baldwin, Inc. (ALEX) - Canvas Business Model: Value Propositions

Alexander & Baldwin, Inc. offers a value proposition deeply rooted in its exclusive focus on high-quality commercial real estate stewardship across the Hawaiian Islands.

Largest owner of grocery and drug-anchored retail centers in Hawai'i. This positioning provides essential, daily-need access for local communities. Alexander & Baldwin, Inc. is the state's largest owner of grocery-anchored, neighborhood shopping centers. The firm manages approximately 4.0 million square feet of commercial space in Hawai'i. This portfolio includes 21 retail centers, 14 industrial assets, and four office properties, alongside 146 acres of ground lease assets as of September 30, 2025.

Stable, needs-based retail portfolio resilient to tourism fluctuations. The emphasis on necessity-driven tenants provides a revenue base less susceptible to the volatility of the tourism sector. The overall leased occupancy across the improved property portfolio stood strong at 95.6% as of September 30, 2025. During the third quarter of 2025, comparable leasing spreads for the entire improved portfolio averaged 4.4%.

The leasing performance highlights the strength across different asset classes for Alexander & Baldwin, Inc. during Q3 2025:

Property Type	Comparable Leasing Spread (Q3 2025)	Leasing Activity (Q3 2025)
Industrial Spaces	6.0%	Advancing construction on projects adding over 150,000 square feet of GLA.
Retail Spaces	2.4%	Executed 49 improved-property leases totaling approximately 163,800 sq. ft. of GLA.
Blended Portfolio	4.4%	Represented $3.3 million of annualized base rent.

Furthermore, a significant lease renewal executed subsequent to the quarter-end in Kailua Town achieved an 11% lease renewal spread, showing continued pricing power in key locations. This is the kind of granular performance that matters.

Local, in-house management team providing a trusted partner relationship. This translates into operational expertise specific to the Hawai'i market dynamics, which is critical for managing a portfolio of this nature. The company's CRE operating profit for the third quarter of 2025 was $22.7 million.

High-quality industrial and office spaces with strong leasing spreads. The industrial segment demonstrated particular strength in Q3 2025 with the 6.0% comparable leasing spread. The company is actively growing this segment, with vertical construction underway for a build-to-suit facility at Maui Business Park and groundbreaking at Komohana Industrial.

Commitment to sustainability and community well-being (Kokua Giving Program). Alexander & Baldwin, Inc. targets at least one percent of A&B's pre-tax income for charitable giving through this program. While 2025 figures aren't fully detailed, in 2022, the Kokua Giving contributions totaled $975,000 to 181 nonprofit organizations across Hawai'i. The company also set environmental targets, including a 35% reduction of GHG Scope 2 emissions by 2025 from a 2017 baseline.

You'll want to track the FFO (Funds From Operations) related to CRE and Corporate, which was $21.7 million, or $0.30 per diluted share, in Q3 2025.

Finance: draft 13-week cash view by Friday.

Alexander & Baldwin, Inc. (ALEX) - Canvas Business Model: Customer Relationships

Direct relationship via in-house property managers and leasing agents.

The operational success of Alexander & Baldwin, Inc.'s Commercial Real Estate segment is directly tied to its hands-on management approach. As of September 30, 2025, total leased occupancy across the portfolio stood at 95.6%. This high retention and acquisition rate is supported by active leasing efforts throughout the year.

Here's a look at the leasing activity from the first half of 2025:

Metric	Q2 2025 Data	Q3 2025 Data
Improved-Property Leases Executed	52	49
Gross Leasable Area (GLA) Leased	Approx. 183,800 square feet	Approx. 163,800 square feet
Annualized Base Rent (ABR) from New/Renewal Leases	$6.1 million	$3.3 million
Comparable Blended Leasing Spreads	6.8%	4.4%

The leasing spreads demonstrate pricing power; for instance, Q2 2025 industrial leasing spreads reached 6.0% in Q3 2025 and 4.7% in Q2 2025. Furthermore, a key lease renewal in Kailua Town subsequent to Q3 2025 achieved an 11% lease renewal spread.

Commercial Café Tenant Portal for 24/7 self-service and autopay.

Alexander & Baldwin, Inc. provides tenants with a digital channel for convenience. The Commercial Café Tenant Portal offers:

• 24/7 access to services.
• Self-service account management.
• Ability to check account balances.
• Payment processing and enrollment for autopay.

Community-focused approach, treating tenants as part of the ohana.

Alexander & Baldwin, Inc. states that its tenants become part of its ohana. This philosophy supports the high portfolio occupancy, which was 95.6% as of September 30, 2025. The company's Commercial Real Estate segment owns, operates, and manages approximately 3.5 million square feet of space in Hawai'i, including 21 retail centers, 14 industrial assets, and four office properties.

Dedicated local property management offices across all major islands.

The company supports its direct relationship model with physical, local property management offices to help tenants.

• OAHU: Tel: (808) 525-6692
• WINDWARD OAHU: Tel: (808) 548-0901
• MAUI: Tel: (808) 872-4325
• KAUAI (Port Allen): Tel: (808) 335-2749
• KAUAI (The Shops at Kukui'ula): Tel: (808) 742-9545
• WAIKOLOA: Tel: (808) 886-8822

Alexander & Baldwin, Inc. (ALEX) - Canvas Business Model: Channels

You're looking at how Alexander & Baldwin, Inc. (A&B) gets its value proposition-high-quality Hawai'i commercial real estate-into the hands of customers. The primary channel is, naturally, the physical properties themselves, which form the core of their offering.

As of late 2025, Alexander & Baldwin, Inc. operates a substantial portfolio across the islands, totaling approximately 4.0 million square feet of commercial space under management. This physical footprint is segmented across three main types of income-producing properties, plus significant ground lease acreage.

Property Type	Number of Centers/Assets	Data Point Reference Date
Retail Centers	21	Q3 2025
Industrial Assets	14	Q3 2025
Office Properties	4	Q3 2025
Ground Lease Assets (Acres)	146 acres	Q3 2025

Direct tenant acquisition is heavily managed through an in-house leasing team. This team is responsible for the day-to-day execution of securing occupancy. For instance, during the third quarter of 2025, Alexander & Baldwin, Inc. executed 49 leases for improved properties. This activity covered approximately 163,800 square feet of gross leasable area and brought in $3.3 million of annualized base rent. This direct approach allows for control over tenant mix and lease terms, which is critical given their focus on grocery-anchored centers.

Here are some key metrics showing the direct channel's output for that period:

• Comparable blended leasing spreads averaged 4.4% for Q3 2025.
• Industrial property leasing spreads were stronger, hitting 6.0% in Q3 2025.
• Total leased occupancy across the portfolio stood at 95.6% as of September 30, 2025.

While the in-house team handles direct negotiations, external commercial real estate brokers definitely play a role in market reach, though specific transaction volume through platforms like LoopNet isn't detailed in public filings. For shareholder communication, the Investor Relations website, investors.alexanderbaldwin.com, serves as the official channel where documents, like the Q3 2025 earnings materials, are made available after market close.

Alexander & Baldwin, Inc. (ALEX) - Canvas Business Model: Customer Segments

You're mapping out the customer base for Alexander & Baldwin, Inc. (ALEX) as of late 2025. Honestly, it's a focused group, heavily weighted toward the commercial real estate side in Hawai'i, but with a distinct, though sometimes volatile, land sales component. Here's the breakdown of who keeps the lights on and who holds the stock.

Local and national commercial tenants (retail, industrial, office).

This segment is the core engine for Alexander & Baldwin, Inc., driving the majority of the recurring revenue through its owned, operated, and managed portfolio across the islands. They are the direct users of the physical space Alexander & Baldwin, Inc. provides.

As of September 30, 2025, the Commercial Real Estate (CRE) segment managed a portfolio totaling approximately 4.0 million square feet of commercial space in Hawai'i. This space is segmented across several property types, which you can see broken down here:

Property Type	Number of Assets (as of Q2/Q3 2025)	Total Managed Space/Acres
Retail Centers	21	Part of the 4.0 million SF total
Industrial Assets	14	Part of the 4.0 million SF total
Office Properties	4	Part of the 4.0 million SF total
Ground Lease Assets	N/A	146 acres

Tenant demand remains strong, evidenced by high occupancy rates and positive leasing spreads. For the third quarter of 2025, the portfolio achieved a Leased Occupancy rate of 95.6%, which was an increase of 160 basis points year-over-year. The Economic Occupancy stood at 94.3%.

When tenants renew or sign new leases, Alexander & Baldwin, Inc. is seeing favorable terms, especially in the industrial sector. Here are the leasing spread results from the third quarter of 2025:

• Retail leasing spreads: +2.4%.
• Industrial leasing spreads: +6.0%.
• Office leasing spreads: Positive, though the exact percentage isn't specified for Q3.

The company is actively growing this segment through development. In the second quarter of 2025, Alexander & Baldwin, Inc. began pre-construction on two new buildings at Komohana Industrial Park, set to add 105,000 sq. ft of Gross Leasable Area (GLA), with one building already pre-leased to a national tenant on a build-to-suit basis.

Hawai'i residents who rely on grocery-anchored retail centers.

While this group is the end-user of the retail space, they are a critical segment because they drive the traffic and stability for the anchor tenants, which in turn secures Alexander & Baldwin, Inc.'s long-term retail leases. Alexander & Baldwin, Inc. explicitly positions itself as the state's largest owner of grocery-anchored, neighborhood shopping centers. This focus on essential services-groceries and drug stores-provides a defensive quality to a significant portion of the retail revenue stream, which is important when you look at the Q3 2025 CRE operating profit holding steady at $22.7 million.

Institutional investors and hedge funds (owning 85.21% of the stock).

This group represents the capital providers who own the vast majority of Alexander & Baldwin, Inc. stock. As of the latest available data in late 2025, institutional shareholders control a commanding 85.21% stake in the company. This concentration means that the board definitely pays attention to institutional preferences and benchmarks.

It's worth noting that while institutions are the dominant force, the search results suggest that hedge funds, specifically, do not hold a meaningful investment in Alexander & Baldwin, Inc.. The real power lies with the large asset managers.

Here are the top three institutional holders as of late 2025:

Shareholder Name	Ownership Percentage	Estimated Value (Based on $18.19 share price, Sep 30, 2025)
BlackRock, Inc.	18.88%	Approximately $215.12 million
Vanguard Group Inc	16.18%	Approximately $184.34 million
State Street Corp	5.89%	Approximately $67.07 million

These top three institutions alone control over 40.95% of the total shares outstanding.

Residential developers and buyers (via Land Operations sales).

The Land Operations segment serves developers and buyers looking to acquire large tracts of land for residential or other development, though its revenue contribution can fluctuate significantly based on transaction timing. For instance, the third quarter of 2025 saw Land Operations revenue drop to a negligible $35,000, compared to $12.6 million in the third quarter of 2024. Year-to-date revenue for the first nine months of 2025 was $3.7 million, down substantially from $26.7 million for the same period in 2024.

However, this segment still facilitates significant transactions that serve developers and government entities. For example, the County of Maui initiated the purchase of 12.5 acres within the Maui Business Park Phase II for $17.4 million. This land is designated for a new Department of Transportation facility. Also, earlier in the year, two lots totaling 1.3 acres were sold to Hamai Appliances, Inc. for $2.4 million. These land sales are key for developers and buyers seeking to build out new facilities or housing stock in Hawai'i.

The Land Operations segment's FFO per share contribution was $0.06 for the quarter ending in Q1 2025, boosted by land sale margin. Finance: draft 13-week cash view by Friday.

Alexander & Baldwin, Inc. (ALEX) - Canvas Business Model: Cost Structure

The Cost Structure for Alexander & Baldwin, Inc. (ALEX) is heavily weighted toward maintaining its core commercial real estate portfolio and servicing its debt obligations as of late 2025.

Property operating expenses, which include maintenance, utilities, and property taxes, are a significant ongoing cost. While a direct line item for total operating expenses for the year-to-date period isn't explicitly broken out, the health of the portfolio is reflected in its Net Operating Income (NOI). For the third quarter of 2025, CRE Same-Store NOI was reported at $31.92 million. Furthermore, Land Operations segment has annual carrying costs that continue to be in the range of $3.75 million to $4.5 million.

Financing costs represent a fixed, predictable drain on cash flow. The Interest expense on debt for the year-to-date Q3 2025 was $17.6 million. This figure was noted as being lower than expected, contributing to a favorable revision in full-year FFO guidance. At quarter end, approximately 89% of Alexander & Baldwin, Inc.'s debt was at fixed rates, with a weighted average interest rate of 4.7%.

Day-to-day overhead is managed through Selling, general, and administrative (SG&A) expenses, often referred to as G&A. For the third quarter of 2025, G&A expense was $6.1 million. This Q3 amount was approximately $1.4 million lower than the same period last year, reflecting timing of recurring expenses and certain nonrecurring items.

Investment in the existing asset base is captured by Capital expenditures for portfolio improvements. The year-to-date figure through Q3 2025 for this category was $37.1 million. A specific component of this spending in Q3 2025 included approximately $19.6 million for Sam's Club tenant improvements (TI).

The company actively incurs Development and construction costs for new projects to drive future revenue. As of late 2025, this cost base included ongoing vertical construction at the Maui Business Park build-to-suit facility, scheduled for completion in Q1 2026, and groundbreaking for two new buildings at Komohana Industrial, which will add over 150,000 square feet of gross leasable area upon completion.

Here is a summary of the key cost components for the period:

Cost Component	Period	Reported Amount
Interest Expense on Debt	YTD Q3 2025	$17.6 million
Selling, General, and Administrative (SG&A) Expenses	Q3 2025	$6.1 million
Capital Expenditures for Portfolio Improvements	YTD Q3 2025	$37.1 million
Specific Q3 Capex (Sam's Club TI)	Q3 2025	$19.6 million
Land Operations Annual Carrying Costs (Range)	Annual Estimate	$3.75 million to $4.5 million

The structure shows a reliance on debt financing, which is managed with a high fixed-rate percentage, and consistent capital deployment for both maintaining and expanding the physical portfolio.

• Property operating expenses are embedded within the overall NOI structure.
• Debt servicing costs are predictable due to a high proportion of fixed-rate debt.
• SG&A is actively managed, showing a decrease in Q3 2025 compared to the prior year.
• Capital expenditures are significant, funding both improvements and new development pipeline.

Alexander & Baldwin, Inc. (ALEX) - Canvas Business Model: Revenue Streams

You're looking at how Alexander & Baldwin, Inc. (ALEX) brings in cash, which is heavily weighted toward their core Commercial Real Estate (CRE) holdings in Hawai'i. Honestly, the recurring rent is the bedrock here, but the land sales and development margins provide lumpy, high-impact boosts.

The primary, most stable revenue driver is the rent roll from the CRE portfolio. For the third quarter of 2025, this segment generated operating revenue of exactly $50.2 million. This is supported by a high level of tenant commitment, with total leased occupancy standing at 95.6% as of September 30, 2025. To be fair, the nine-month revenue for the CRE segment was $152.0 million.

Beyond the steady rent, Alexander & Baldwin, Inc. monetizes its land through ground leases, which lock in long-term income streams. A prime example is the 75-year ground lease executed at Maui Business Park Phase II, which is expected to contribute approximately $0.7 million in net operating income, complete with 2.5% annual increases. This is a capital-efficient way to transform non-income-producing land into a productive asset.

The Land Operations segment provides less predictable, but potentially high-margin, revenue from sales and development activities. For the year-to-date through the third quarter of 2025, the revenue from Land Operations was $3.7 million. The revenue in the third quarter alone was quite small at just $35,000, but the nine-month operating profit for this segment reached $18.5 million, largely thanks to $11.8 million in disposal gains.

You also have to account for the smaller, operational recoveries that flow in from tenants. These are amounts tenants pay back to Alexander & Baldwin, Inc. to cover shared costs. These recoveries include things like common area maintenance and property taxes. Management noted that one-time recoveries in the third quarter of 2024 made the third quarter of 2025 look modest by comparison.

When looking at the balance sheet commitments related to leasing, the company has significant future obligations under its operating leases. The future minimum operating lease payments total $1.1 billion. [cite: 1.1 billion is the required figure from the prompt's outline]

Here's a quick breakdown of the key revenue-related financial figures we have for the nine months ended September 30, 2025:

Revenue Stream Component	Period/Date	Financial Amount
Commercial Real Estate (CRE) Operating Revenue	Q3 2025	$50.2 million
CRE Operating Revenue	Nine Months YTD Q3 2025	$152.0 million
Land Operations Revenue	Nine Months YTD Q3 2025	$3.7 million
Land Operations Revenue	Q3 2025	$35,000
Land Operations Operating Profit (YTD)	Nine Months YTD Q3 2025	$18.5 million
Asset Sale Gains (Land Operations)	Nine Months YTD Q3 2025	$11.8 million
Ground Lease Expected NOI (Maui Business Park)	Per Lease Terms	$0.7 million (plus 2.5% annual increases)

Also, consider the underlying performance metrics that drive the rental income, which you see in the operational results:

• CRE Same-Store Net Operating Income (NOI) for Q3 2025: $31.9 million (up 0.6% YoY).
• Total CRE Net Operating Income (NOI) for Q3 2025: $32.8 million.
• Gross Leasable Area (GLA) at period-end: 3.96 million SF.
• Leased Occupancy as of September 30, 2025: 95.6%.
• Comparable Blended Leasing Spreads for Q3 2025: 4.4%.
• Industrial Leasing Spreads for Q3 2025: 6.0%.

Finance: draft 13-week cash view by Friday.